India has announced a formal move to block the websites of nine global cryptocurrency exchanges operating within its borders, including Binance, Kraken, KuCoin, and MEXC. The announcement came through a press release issued by the Financial Intelligence Unit of the Ministry of Finance in India. The action reflects the government’s stance on online platforms that offer crypto trading without meeting local regulatory requirements.
The Financial Intelligence Unit stated that the blocking is a consequence of these firms failing to comply with India’s anti‑money laundering regulations. The entities in question have not demonstrated the necessary compliance with the country’s rules, which are designed to curb illicit financial activities and to ensure that crypto markets operate within a transparent framework.
The ministry emphasized that global cryptocurrency exchanges must adhere to India’s anti‑money laundering standards and cannot bypass these obligations merely because they lack a physical footprint in the country. This underscores the government’s commitment to applying a consistent regulatory approach to digital assets across all operators that serve Indian users.
India’s policy on cryptocurrencies was formalized in March 2023, with the aim of strengthening oversight and reducing the risk of money laundering and financing of terrorism linked to digital assets. According to the Financial Intelligence Unit, a total of 31 crypto firms have enrolled in the integrated regulatory framework established to monitor and supervise the sector, reflecting a growing emphasis on formal registration and compliance.
In the fourth quarter, some Indian traders reportedly gravitated toward global platforms to minimize tax exposure. The government collects a 30 percent tax on profits from digital asset transactions and applies a 1 percent deduction on each trade, highlighting the fiscal dimension of crypto activity and the government’s intent to capture revenue from such transactions.
Earlier reports documented a controversy related to the surveillance of mobile devices in the country, illustrating broader concerns about privacy, enforcement, and the balance between security interests and civil liberties. Topics surrounding digital asset regulation and government oversight continue to be debated as India refines its approach to the crypto economy.